Core Viewpoint - Shenzhen Jingji Zhino Times Co., Ltd. has received a written resignation application from Ms. Xiao Hui, the representative of the securities affairs, due to work arrangement reasons, effective from the date of delivery to the board of directors [1] Company Summary - Ms. Xiao Hui has resigned from her position as the representative of the securities affairs at Shenzhen Jingji Zhino Times Co., Ltd. [1]

Core Insights - The livestock ETF (159865) has seen significant inflows, with 131 million shares traded and a net inflow of 75 million shares, indicating strong capital interest in livestock assets [1] - The pig price has declined, leading to industry-wide losses and a substantial year-on-year drop in the performance of pig farming companies, with supply increasing in Q3 2025 while consumption remains stagnant [1] - The outlook suggests that losses in livestock farming, combined with policy restrictions, will accelerate capacity reduction; however, in the medium to long term, the profitability and stability of high-quality production capacity are expected to improve significantly, highlighting the potential for value reassessment of leading pig farming companies [1] Industry Overview - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock sector [1] - The China Securities Livestock Index encompasses various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]

Core Insights - The article highlights the significant transformation in the village of Dama Zhuang, driven by the initiatives of Yang Jun, the village's first secretary, focusing on agricultural development and employment opportunities [2][3]. Group 1: Agricultural Development - Yang Jun has successfully implemented a project to cultivate specialized wheat for liquor production, establishing a demonstration base covering over 1,000 acres, which has positively impacted an additional 4,000 acres of farmland [2]. - Nearly 200 households have benefited from land transfer and contract farming, experiencing increased income from agricultural activities [2]. Group 2: Employment Opportunities - Yang Jun has initiated various projects to create job opportunities, including the expansion of a drinking water plant and promoting backyard poultry farming, which has led to a vibrant local economy [3]. - The concept of "courtyard economy" has gained traction, with villagers engaging in diverse income-generating activities, such as packaging socks, contributing to the overall economic uplift of the community [3]. Group 3: Community Engagement - The article emphasizes the importance of community involvement and the dedication of local leaders like Yang Jun, who continue to support and uplift the villagers through various initiatives [4].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a significant reduction in pig production, with a focus on the long-term performance improvement in the pig farming sector due to recent policies and market dynamics [3][7] - The report identifies various investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][54] Summary by Sections Pig Farming - The report indicates a confirmed trend of capacity reduction in the pig farming industry, driven by weak prices and policy support [7] - In September, 13 listed pig companies collectively reported a pig output of 13.7586 million heads, a month-on-month decrease of 8.65% but a year-on-year increase of 18.31% [11] - The average selling price of pigs has dropped significantly, with most companies reporting a price decline of around 30% year-on-year [12][13] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with fluctuations in prices for corn, wheat, and soybean meal [40] - As of October 17, corn prices averaged 2263.14 yuan/ton, down 1.78%, while wheat prices increased slightly to 2451.94 yuan/ton [40] Planting Chain - The report emphasizes a positive outlook for the planting and seed industry, with a confirmed upward trend in grain prices [3][54] Pet Food Sector - The pet food industry is experiencing growth, with increasing recognition of domestic brands and a favorable market environment [3][54]

Core Viewpoint - The company has approved a guarantee limit of up to 8.65 billion yuan for 2025, which can be used for various financing activities, with a validity period from January 1, 2025, to December 31, 2025 [1][5]. Group 1: Guarantee Details - The approved guarantee includes provisions for the company to provide guarantees for its subsidiaries, and vice versa, as well as mutual guarantees among subsidiaries [2]. - The guarantee scope encompasses bank loans, financing leases, factoring, and performance guarantees, utilizing various guarantee methods such as joint liability guarantees, credit guarantees, and asset pledges [2]. Group 2: Guarantee Progress and Financials - As of September 30, 2025, the total guarantee amount provided by the company and its subsidiaries to consolidated entities is 4.05 billion yuan, representing 68.84% of the company's audited net assets as of the end of 2024 [5]. - The total guarantee amount provided to non-consolidated entities is 976.12 million yuan, accounting for 16.58% of the company's audited net assets as of the end of 2024, with overdue guarantees amounting to 182.45 million yuan [5]. - The overdue guarantees are primarily related to a subsidiary, Hunan Dano Financing Guarantee Co., Ltd., which is actively pursuing recovery through collection and litigation measures, and has set aside risk reserves for the guarantee business, indicating that the guarantee risks are generally controllable [5].

Group 1 - The core viewpoint of the article highlights a significant inflow of funds into the breeding ETF (159865), with a net inflow of 151 million shares, indicating strong market interest in breeding assets [1] - In the third quarter, pig prices experienced weak fluctuations primarily due to the release of production capacity from the first half of the year, leading to an increase in supply [1] - Forward indicators such as the number of breeding sows and piglets suggest that supply will continue to grow year-on-year by approximately 10% to 16% in the third and fourth quarters [1] Group 2 - The overall profitability of the industry has narrowed in the third quarter due to high prices of piglets and delayed feed costs from the first half of the year, resulting in a decline in self-breeding and continuous losses in external purchases [1] - Some regions have reported a decrease in the slaughter weight of commercial pigs, reflecting the initial effects of policy adjustments [1] - The Ministry of Agriculture and Rural Affairs has proposed controlling the number of breeding sows to 39.5 million and the slaughter weight to around 120 kg, indicating the potential onset of a capacity reduction cycle in the industry [1] Group 3 - It is anticipated that pig prices will stabilize at the bottom in the fourth quarter, with worsening industry losses, although the supply-demand structure is expected to improve [1] - The breeding ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock breeding and feed processing to reflect the overall performance of the livestock industry [1] - The CSI Livestock Index covers various sub-sectors, including livestock breeding, feed, and animal health, demonstrating strong industry representation [1]

Group 1 - The core viewpoint indicates that the pig farming industry is expected to undergo a comprehensive capacity reduction due to deepening losses and policy adjustments in the fourth quarter, which will lead to a gradual price recovery driven by supply clearance and weight reduction [1] - The poultry sector continues its recovery momentum, with stable supply and demand for white feather chickens, while the prosperity of yellow feather chickens is likely to continue until the end of the year [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of related securities [1] Group 2 - The China Securities Livestock Index covers multiple sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1] - As of September 15, 2025, the "pig content" in the Livestock ETF is approximately 60%, indicating the weight of securities related to pig farming, feed, and animal health [1] - The fluctuations in scale and pig content data do not predict future performance, and any mention of individual stocks is for reference only, not constituting investment advice [1]

Core Viewpoint - The financial performance and trading activity of Shengnong Development indicate a mixed outlook, with significant growth in net profit but a slight decline in stock price and trading volume [1][2]. Group 1: Financial Performance - For the first half of 2025, Shengnong Development reported operating revenue of 8.856 billion yuan, a year-on-year increase of 0.22% [2]. - The net profit attributable to shareholders reached 910 million yuan, reflecting a substantial year-on-year growth of 791.93% [2]. - Cumulatively, the company has distributed 6.860 billion yuan in dividends since its A-share listing, with 1.113 billion yuan distributed over the past three years [2]. Group 2: Stock Trading Activity - On October 16, Shengnong Development's stock price fell by 1.73%, with a trading volume of 254 million yuan [1]. - The company experienced a net financing purchase of 19.234 million yuan on the same day, with a total financing balance of 3.32 billion yuan, representing 1.56% of its market capitalization [1]. - The short selling activity included a repayment of 11,100 shares and a sale of 11,800 shares, with a short selling balance of 245.62 million yuan, indicating a relatively high level of short interest [1]. Group 3: Shareholder Structure - As of October 10, the number of shareholders for Shengnong Development reached 32,100, a slight increase of 0.14% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 0.14% to 38,224 shares [2]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its stake by 13.3849 million shares [2].

Core Viewpoint - The announcement from Xiaoming Co., Ltd. indicates that major shareholders plan to reduce their holdings in the company due to personal funding needs, which may impact the stock price and investor sentiment [1] Shareholder Reduction Plan - Shareholders Xiamen Chentu and its concerted party Chentu First Industry Fund plan to reduce their holdings by up to 5,570,321 shares, representing 2.97% of the total share capital of the company [1] - The reduction will occur within three months starting from three trading days after the announcement, specifically from October 22, 2025, to January 21, 2026 [1] - The shares to be sold are from those held prior to the company's initial public offering [1] Pricing and Market Conditions - The selling price of the shares will be determined based on market conditions, with a stipulation that it will not be lower than the initial public offering price [1]

Core Viewpoint - Xiamen Chen Tu, a shareholder of Xiaoming Co., plans to reduce its holdings by up to 5.57 million shares, representing 2.97% of the company's total share capital, between October 22, 2025, and January 21, 2026 [1] Summary by Category Shareholder Actions - Xiamen Chen Tu holds 4.4587 million shares, accounting for 2.38% of the total shares, while its action partner, Chen Tu First Industry Fund, holds 1.4251 million shares, representing 0.76% [1] - The planned reduction includes a maximum of 1.8568 million shares through centralized bidding and 3.7135 million shares through block trading, with a minimum selling price not lower than the company's initial public offering price [1]